1.Create a Unique Vision
Inventive campaigns are built upon a thorough understanding
of the property. More than simply a combination of square
footage and amenities, most multimillion-dollar homes have
an individual story to tell, whether it is the history of
the estate, an architectural pedigree or prominence in the
community, and the best marketing plans tap into this backdrop.
Promoting an estate’s history is one way to personalize a property. Using
architecture and a property’s past to position an offering in the marketplace
can transform a white elephant into an architectural jewel, according to Douglas
Newby of Douglas Newby & Associates.
Shari Chase, who owns Lake Tahoe-based Chase International, has sold some of
the most expensive homes in the country. Like many top agents, she has an in-house
marketing team that includes a graphic designer and a copy writer. For any new
project, her team tours the home to “get a feel for it, for the energy
and the personality of the property,” Chase says. “Then, we have
a meeting to discuss the attributes and strategize. We talk to the seller and
try to incorporate the spirit of the sellers if appropriate. It could be the
history of the house or why they bought the property or the lifeline for the
home. Even at $1 million, there are special things about a home. We create a
campaign by name with its own personality, and in doing that, people can begin
to grasp what the property is about.”
2. Demonstrate Value
Not only can telling a property’s personal story pique a buyer’s
interest, it also helps to validate value. “Today’s buyers are very
sophisticated,” Robb notes. “You better be able to defend the property
from the integrity standpoint and the value standpoint.”
Sometimes the greatest technique for marketing a property is devising a new value
for it. A good example is an equestrian estate on 200-plus acres in Orange County,
N.Y., which LandVest sold as two separate 100-acre horse farms. “This preserved
the open character of the property and ensured that the significant investment
in horse facilities could be realized,” Robb observes.
Rather than wait until a buyer visits a home or estate, top agents will often
present the details of a property to him or her. For example, Robb sends a personalized
presentation packet that includes a six-page glossy brochure, history, deeds,
easements, plot plans and even floor plans. “We provide a full package
that sets the tone for what they will experience when they see the property,” he
explains. “It creates the sense that the property is unique and something
very special.”
3. Understand the Buyer
Knowing who is most likely to buy is as essential as knowing the property. “We
just closed a property that we listed at $36 million,” Chase shares. “Did
we have a lot of showings? Absolutely not, but the showings we did have were
very focused.”
Even homes with broad appeal benefit from targeted marketing. For example,
Chase notes that San Francisco Bay-area homebuyers seem to have a big interest
in properties along the west shore of Lake Tahoe. Specialized insights like
this enable savvy agents to advertise not just in real estate publications,
but also in other media that reach a target area or a specific demographic.
One would think that Beverly Hills would enjoy a diverse pool of upscale buyers
for any property. Yet, Jade Mills’ inventory of listings includes a Bel
Air estate valued at $53 million, which she says is beyond the financial scope
of most in the entertainment industry. For homes like this, Mills, an estates
director with Coldwell Banker Jon Douglas in Beverly Hills, focuses her marketing
on a small circle of international elite using publications like “Unique
Homes,” as well as the reach of the Coldwell Banker brand. Whether or
not agents are affiliated with a national brand, those who are tops in their
field will also cultivate relationships with organizations that will facilitate
global coverage.
4. Think Outside the Box
Some properties might warrant consideration of a strategy other than a traditional
transaction. Proponents say that the extensive advertising that accompanies
auctions reaches more buyers and that the competition motivates them to buy
(see sidebar on next page). “We are just as much an advertising company
as we are a sophisticated sales organization,” shares Stacy Kirk, president
of Great Estates Auction Company, referring to the buildup that precedes an
auction.
5. Cash Out To Cash In
Savvy brokers budget for marketing. They know that they must spend a sizable
amount on advertising as well as materials, brochures and photography to sell
upper-tier properties at their maximum value. While there isn’t any rule
of thumb, experts like Steve Games, president of Prudential California Realty,
say that these expenditures should typically amount to about 20 percent of
commission dollars.
6. Make It Personal, Make it Excellent
Property brochures, ads and other materials used to market a home or estate
should be of the highest caliber and created and packaged specifically for
the property. “The quality of the marketing materials should be comparable
to the quality of the house,” advises Melanie Smith of Prudential Connecticut
Realty-Jensen Smith in Southport, Conn. A professional photographer who specializes
in homes or architecture should be secured to provide the photography.
Top agents are selective about which images they use. Many, like Smith, eschew
online virtual tours for a series of still photos, because they believe the
quality is superior. Graphic materials might also include CDs, a DVD with or
without narration and aerial shots.7. Make It Electronic
Buyers today are image and Internet driven, with affluent buyers going online
even more these days. A Web presence should entail more than just a listing
on Realtor.com. Agents like Mills and Smith have excellent personal sites in
addition to their company sites.
Says Smith, “I tell my clients that their property will be on 12 different
Web sites within 24 hours. I find that the busier, successful people who are
looking for real estate like to look for themselves, and like to look quickly,
pre-qualifying what they want whether by size or acreage or privacy. When they
come to me, they are poised and ready to go.”
8. Set the Stage
Experienced agents know that appearances translate into dollars. “People
are buying a lifestyle and need to be able to envision themselves in the home,” Mills
advises. “That means removing all family memorabilia. No one can picture
themselves in a home where there is a lot of the owner’s personal pictures.
We want buyers to be able to look at the home like it is their own. Excess
furniture, big pieces of furniture, anything that makes a home look smaller,
should also be removed.”
Naturally, everything should be in perfect repair, including the exterior and
plantings. Also, Mills adds, “Make sure the gardener comes the day before
the preview so everything is in pristine condition.”
Frequently, circumstances will warrant the services of a professional stager.
While not every home is a candidate for staging, the consensus is that well-presented
properties sell faster for top dollar. Some markets use more professional stagers
than others, and expert agents know when a stager is required.
Setting the stage extends beyond preparing the home. It also extends to how
an agent shows the property. Typically, upscale homes are too complex and too
large to simply open the door and allow buyers to roam. Knowledgeable agents
rehearse the best ways to show each property to not only present its best attributes,
but to also reflect buyer interests.
9. To Event or Not
For a while, using events to lure buyers to a home was in vogue. Now, agents
are less enthusiastic about this strategy, unless a home is vacant, because
it might garner an audience, but not an audience of potential buyers. Additionally,
security concerns make most upscale owners leery about events. However, many
agents do schedule receptions and luncheons to bring other real estate professionals
who work in the luxury realm to the property.
Chase International holds an estate tour that has become an annual event in
the Reno-Tahoe area. However, it is done by invitation to select brokers and
clients. “Usually, we sell several homes during the event,” Chase
notes. “But it’s controlled. We take names at the gate, and attendees
have to have an invitation. Also, they are not allowed inside the homes and
are only permitted on the grounds.”
10. Choose Your Agent
Ultimately, like many facets of the selling process, successful marketing depends
on successful and savvy real estate agents, which only underscores the importance
of selecting a professional who is experienced, knowledgeable and committed
to selling your property. |
